A Peek Into The Markets: US Stock Futures Edge Lower; Alphabet Earnings In Focus

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade. Alphabet Inc. GOOG will release earnings after the closing bell. Data on personal income and consumer spending for February will be released at 8:30 a.m. ET, while the Dallas Fed manufacturing index for April is schedule for release at 10:30 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 18 points to 26,499, while the Standard & Poor’s 500 index futures fell 2.75 points to 2,938.75. Futures for the Nasdaq 100 index declined 8 points to 7,832.25.

Oil prices traded lower as Brent crude futures fell 0.6 percent to trade at $71.73 per barrel, while US WTI crude futures dropped 0.3 percent to trade at $63.10 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.9 percent, STOXX Europe 600 Index declining 0.3 percent and German DAX 30 index dropped 0.3 percent. The UK's FTSE index was trading lower by 0.1 percent, while French CAC 40 Index fell 0.3 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.22 percent, Hong Kong’s Hang Seng Index gained 0.97 percent, China’s Shanghai Composite Index fell 0.77 percent and India’s BSE Sensex rose 0.87 percent.

Broker Recommendation

Analysts at Jefferies downgraded Occidental Petroleum Corporation OXY from Buy to Hold and lowered the price target from $74 to $66.

Occidental Petroleum shares fell 2.1 percent to $60.05 in pre-market trading.

Breaking News

• Cooper Tire & Rubber Co CTB reported weaker-than-expected earnings for its first quarter, while sales exceeded estimates.
• Parker-Hannifin Corp PH announced plans to buy Lord Corp. for $3.68 billion in cash.
• Restaurant Brands International Inc QSR reported weaker-than-expected earnings for its first quarter.
• Lexicon Pharmaceuticals, Inc. LXRX disclosed that Zynquista was approved in the European Union for the treatment of adults with Type 1 diabetes.